Like most leftist pipe dreams, this is ill considered. How do you limit the number of candidates entitled to “free” air time? Does the “Insert Absurdity of Your Choice” party get the same consideration as the Democratic Party? If not, how do you fairly make such a decision–without allowing any fund raising?
And you’ve still got a little problem under the “takings clause”. You do remember that from Con Law I, right? Hint: newspapers don’t require broadcast licenses.